View in Other Languages 5957 5812 5283 4569 4382 4300 4182 3994 3458 3415 2973 
Sydney, Feb 10, 2011 (ABN Newswire) - We have been bullish oil since below US$40, and our US$145 target for next year remains in place says Herston Economics' Clifford Bennett. The recent selling of oil on the basis that things will calm down in Egypt, the Saudi's will pump more oil, and higher US reserve levels, all miss the two most important points. China and India will add millions of vehicles this year and there are indications global oil production is about to hit peak level beyond which it cannot go.

There are physical constraints to how much oil can be produced on a daily basis, but no limit to how many motor vehicles are going to be put on the world's new roads. Oil is tremendously cheap at current levels, says Clifford Bennett.

View the videocast here:


Clifford Bennett
Herston Economics

ABN Newswire
Tel: +61-2-9247-4344
Fax: +61-2-9247-4511

Related Companies

Herston Economics             

ABN Newswire This Page Viewed:  (Last 7 Days: 6) (Last 30 Days: 47) (Since Published: 4382) 

5957 5812 5283 4569 4382 4300 4182 3994 3458 3415 2973  (48325)